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Inland Revenue Dept receives 4,831 returned cheques!

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The Inland Revenue Department had received 4,831 return cheques worth of Rs.2.4 billion (2,488,003,615 rupees) as of June 30, out of which 3,817 cheques were more than 3 years old, it was revealed during a recent Committee on Public Accounts (COPA) hearing.

It has also been revealed that the value of those three-year-old cheques is Rs.1,429,356,750.

This was disclosed when the Inland Revenue Department was summoned before COPA on the day before yesterday (28) under the Chairmanship of MP Kabir Hashim to review the progress of implementing recommendations given by COPA held on March 24, 2021 and look into whether the Department is capable of achieving the tax revenue proposed in the 2023 Budget.

The committee questioned the lack of legal action in this regard and the officers present stated that their department does not have the authority to take legal action. The Chairman of COPA pointed out that this is a criminal offence and the necessary legal proceedings in this regard should be implemented soon.

The Chairman of the COPA recommended that a report be given to the Committee within a month regarding the legal action taken in this regard after consultation with the Attorney General’s Department.

The COPA revealed that the total arrears of taxes, penalties and interest due to the Inland Revenue Department as at June 30, 2022 is Rs. 773,957,856,618 (Rs.773 billion).

It was disclosed that an amount of Rs. 201,400,855,198 (Rs.201 billion) has been identified as income that can be collected without any legal concern and that Rs. 572,557,001,420 (Rs.572 billion) has been identified as income that has been temporarily suspended due to certain reasons.

It was also pointed out by the Auditor General that this amount has been identified as the total arrears of tax to be collected under both the RAMIS and Legacy systems. Furthermore, there was a long discussion about the failure to collect 201 billion rupees which is available as revenue from this tax arrears.

Accordingly, the present officials pointed out that recovery of this money on an installment basis has already started.

BIZ

Gem & jewellery export revenue drops by 25% due to taxes!

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Although gems and jewellery worth US$477 million were exported in 2023, exports have fallen by 25% to US$360 million last year (2024) after the imposition of taxes on the gem and jewellery industry, says Chairman of the National Gem and Jewellery Authority (NGJA) – Mr. Navin Sooriyarachchi.

He stated this at a media briefing held at the Government Information Department yesterday (July 07).

This media briefing was held to inform the media about the newly opened VAT Refund Counter at the Bandaranaike International Airport in Katunayake.

He said that following discussions with the International Monetary Fund (IMF), taxes were imposed on their industry from January 01, 2024.

Accordingly, an 18% VAT was imposed when selling gems and jewelry to tourists as well as when importing rough gemstones. In addition, a 45.14% tax was imposed on gold imports, he added.

Noting that the NGJA has issued about 8,000 mining licenses, he said that these should produce gemstones worth over US$ 1.5 billion annually, assuming that around 50% of these mines were profitable.

He added that Gem and Jewellery had the potential to be the second largest primary export of the country.

However, following the imposition of the 18% VAT, sales have declined significantly, Mr. Sooriyarachchi says, adding that competitive practices such as post purchase VAT refunding followed by other countries have further affected this situation.

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8 DIGs in India

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It is reported that 02 senior DIGs and 07 DIGs have simultaneously left for overseas courses.

Eight of them have gone to India for a course that will be held until July 12th. 

The Police HQ has taken measures to appoint other SDIGs and DIGs to cover duties of these officers, reports say.

The officers who are overseas in these manner are Senior DIGs Waruna Jayasundara and Dhanapala Abeywickrama as well as DIGs Sujith Wedamulla, Nuwan Mendis, Udith Liyanage, Pradeep Kalupahana, Sarath Kumara, Indika Hapugoda and H.C.A. Pushpakumara.

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Consultant neurosurgeon further remanded

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The Colombo Magistrate’s Court has ordered to further remand Dr. Maheshi Wijeratne, a consultant neurosurgeon attached to the Sri Jayewardenepura General Hospital, until July 15.

Dr. Wijeratne was previously arrested by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) and subsequently remanded.

Colombo Chief Magistrate Thanuja Lakmali issued the order after considering the facts presented by officials from the CIABOC and legal representatives of the defense.

The court also ordered the release on bail of two other suspects who had been remanded over the same case.

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